On this year’s Singles Day – a recent Chinese invention to celebrate November 11 that has since turned into a day of shopping and large discounts – consumers spent more than $3bn alone on Taobao, China’s version of eBay.
“I think they are talking about all of [Best Buy’s sales] added together” for that one day, Ray Yam, the China chief of smartphone maker HTC, told the Financial Times.
That comparison might be a slight exaggeration, but it is clear Mr Yam is keen to get a piece of that fast-growing ecommerce market for the Taiwanese group, which globally has failed to match competition from Samsungand Apple.
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